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Trust meeting report - 12 September 2018
Fri Sep 14, 2018 13:21

These are the main points from Wednesday's Trust General Meeting held at Adams Park.

At the time this was posted the slides and notes had not been made available to members, so these are based on my own notes made on the evening.

The Trust Board are seeking approval from Trust Members to explore the sale of a minority stake in the Football Club , or even a majority stake.

Anything being discussed does not include the sale, in any shape or form, of Adams Park or the Club memorabilia – they are owned by the Club’s subsidiary, Frank Adams Legacy Limited (FALL).”

The Trust Board believe the current 100% fan owned model is ‘unsustainable’ and ‘flawed’, in the long-term, for a Football League club.

Club debts have reduced by approximately £2m in the past three years – now approx. £900K – but this has, in the main been due to ‘Football Fortune’. e.g. unbudgeted cup runs, player sales and player sale add-ons.

The Club has declared a profit for the three seasons up to and including 2016/17 but expect to declare a loss for the 2017/18 season, despite gaining promotion to ‘League One’. This was due to significant downturn in cup fortunes and player payments due to promotion.

Cash flow was claimed to be a significant problem at certain points during the season. Solidarity Payments from the Premier League assist but this not currently sufficient. The shortfall per season was estimated at between £600K and £900K.

The Trust tabled four options:

1. Carry on as we are
2. Minority shareholding sale (up to 49%)
3. Majority shareholding sale (over 50%)
4. 100% sale

The Trust Board were of the opinion that option 1 was not something you could base a business on and there was a ‘real risk of not being able to carry on as a football club’.

Option 2 would be based on a ‘like for like’ investment by new investor and Trust. i.e. Investor puts in £49, Trust puts in £51.

Option 3 would require 75% majority of Legacy Members.” There are approximately 550 Legacy Members and the required majority would be from that total figure rather than those voting i.e. a non-vote would be considered a NO.

Legacy Members are those holding a Season Ticket for three consecutive seasons and currently in their fourth consecutive season.

Option 4 is not something being pursued at present – the club could ‘fall into the wrong hands’.

They have discussed options 2 and 3 with three potential partners.

Discussions have been ongoing since October/November 2017 with two parties. One more has come to light more recently.

The two main interested parties ‘understand the football world’.

The investors are a combination of domestic and international based.

Progress of the potential sale would ‘move forward very quickly if we get a mandate to progress’.

A show of hands at the end of the meeting asking for a non-binding indication on whether to continue talks showed an overwhelming majority – probably around 80% of the approx. 200 attendees.

External links

Also note Bucks Free Press report will following quote:

"A member of the Trust, who wanted to remain anonymous, told the Bucks Free Press on Thursday morning that a millionaire consortium, already involved in sport, was looking to purchase a 75 per cent stake in Wanderers, and that this was a very ‘positive’ move for the club."

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